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Dec 6, 2012
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raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people -- two out of three people want to see a deal that includes both tax hikes and spending cuts. they want to see more spending cuts, but they don't expect spending cuts to come out of this no matter what happens. in fact, the one thing that most people in the middle class believe is that regardless of whether we go over the fiscal cliff or whether a deal is reached to avert that, middle class taxes are going up, and so is spending. so there's a lot of cynicism in this process. >> real quick -- >> that's why the president has the edge. >> bottom line, the republicans are poised to take a fall? is that what your numbers s
raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people --...
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Dec 5, 2012
12/12
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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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Dec 9, 2012
12/12
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yes, we have a huge deficit problem. you get in public opinion polls, overwhelming majorities say yes. they look at the polls and respond to it. something similar happened on medicare. we have the notion of there's a medicare crisis. there's an entitlement. this is a health care crisis. >> i really need to say about jonathans piece. i am liberal, but that is the worst example i have heard. take people out of a popular -- i hope this is not the white house position. take people out of a popular program that works and they love, put them into obama care that is not so popular and they don't necessarily love. take away something they like and give them something liberals think they should like. >> the right question is, the portuguese have an average income lower than ours with universal health care. it costs two-thirds of their economy compared to our economy. we are having the wrong discussion. here is the program. start by lowering medicare is an option to 55 or 40. stop reacting to what -- >> we'll have to continue the
yes, we have a huge deficit problem. you get in public opinion polls, overwhelming majorities say yes. they look at the polls and respond to it. something similar happened on medicare. we have the notion of there's a medicare crisis. there's an entitlement. this is a health care crisis. >> i really need to say about jonathans piece. i am liberal, but that is the worst example i have heard. take people out of a popular -- i hope this is not the white house position. take people out of a...
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Dec 7, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i...
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Dec 4, 2012
12/12
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you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like. because not only does it go to 39.6 on the wealthy which i support, but it also goes back to what people were paying when bill clinton was president for the middle-class and the truth of the matter is no matter what people said in the election, you cannot solve this deficit problem without everybody paying more taxes not just rich people. >> you can go to 100% and not 39.6. you'd like to in a perfect world, i know you, you would like to go to 100%. but you're not going to be able to do that. >> only on television personality. >> you go from raising, like, $80 billion a year which on a trillion dolla
you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like....
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Dec 5, 2012
12/12
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should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of the aisle and address real, not baseline, real savings by cutting spending. back to you. >> rick, is that real money you're cutting up down there? >> you know what? even though this is one of the last bastions of capitalism, those were not real benjamin frank lynn. so, see? i'm ready for negotiation. put me on the team. i just did a lot of cuts that mean nothing. boy, how much did i save us over ten year. >>> thank you, rick. more santelli in the third hour. >>> still ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before
should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of...
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Dec 7, 2012
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>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make c
>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a...
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Dec 6, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the present proposal, do you see any common ground? -- and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think...
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Dec 3, 2012
12/12
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KPIX
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i think we'll lay a framework for the deficit reduction we're going to do in the future. we're not going to cross the "and dot the ayes, but them we'll throw it in and fig that you are out. if we do those things i think we'll solve the uncertainty issue to a significant enough degree and our economy will start to gain traction. >> schieffer: may ayou'll be last word. >> i don't think we'll go off the cliff. i think politician of both sides understand it's just not worth it to bet the country on this. i do worry as they spend the next year or six months working out the details, there is going to be such extreme pressures on both sides not to make the hard choices we know has to be part of a real keel so i think it's important there are pressures to keep on so if they don't come up with solution through the committee there are ways to make sure we get the savings. the u.s. has the benefit of being a safe haven. we have more time than other countries but we will lose that confidence if we don't start to show our political system can function and approximately solve these pro
i think we'll lay a framework for the deficit reduction we're going to do in the future. we're not going to cross the "and dot the ayes, but them we'll throw it in and fig that you are out. if we do those things i think we'll solve the uncertainty issue to a significant enough degree and our economy will start to gain traction. >> schieffer: may ayou'll be last word. >> i don't think we'll go off the cliff. i think politician of both sides understand it's just not worth it to...
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volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentlemen is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and this dave thank you so much for being on the show very good to be here we're going to have you because you have said and i would definitely agree the bubbles have received bad press whether we're talking about the two live bubble in the sixteen hundreds or whether we're talking about the real estate bubble ahead of two thousand and eight but in some instances you say bubbles can be good why can bubbles be good and what kind of a bubble would we need or might we need now. well the first thing as you've said is that bubbles are boringly common where ever there is a active trading liquid market in an asset from tulip bulbs to real es
volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentlemen is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and this dave thank you so much for...
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Dec 7, 2012
12/12
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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Dec 7, 2012
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i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could make, you would make down the road? >> that's a great question. i would say me personally probably not. but, you know, i just -- when i look at the rest of the world and i look -- i can't understand it and i can't really know why do you think it is, why is there so much cash on the sidelines and earning such a low rate of return as we just saw pointed out? why aren't they investing it into things? what is holding it? i don't know -- >> what's happening at quicken loans, i know it's a privately held company. what are you doing in terms of jobs, in terms of -- >> we are doing really well. we positioned ourselve
i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could...
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Dec 9, 2012
12/12
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CNNW
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one of the reasons the deficit went down in the 1990s was that you had a big increase in the number of people making money and they paid more tax. there's nothing wrong with getting rich in this country. the problem we've had in the last four years, the number of people who declared million dollar filers has fallen by about a third. so you're just not getting the revenue. i do not believe you're going to grow in economy by putting more taxes on people who invest and what's what most do. so i worry that it's going to suppress growth starting in the first quarter of next year. >> here's the distinction. is it going to, are we really going to grow the economy more by increasing those taxes? are we going to suppress growth, maybe not have as much growth or hurt the economy? the rhetoric on capitol hill is that you are going to hurt the economy if you raise marginal tax rates. >> the imperical evidence amere tax cuts. it's fallen back to the level of 1966, 1967. the top 1% of the top 1% however have seen their income go from 4 million a year to $22 million a year. and the reason for this i
one of the reasons the deficit went down in the 1990s was that you had a big increase in the number of people making money and they paid more tax. there's nothing wrong with getting rich in this country. the problem we've had in the last four years, the number of people who declared million dollar filers has fallen by about a third. so you're just not getting the revenue. i do not believe you're going to grow in economy by putting more taxes on people who invest and what's what most do. so i...
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Dec 3, 2012
12/12
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rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding for 2013 later this week on thursday. otherwise that's it for today's edition. coming up, the first "squawk box" of the week and countdown to the open of markets state side. whatever happens, we hope you have a profitable day. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. tis the pursuit of perfection. >>> good morning. today's top stories. fiscal cliff hanger. there's now less than a m
rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding...
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Dec 8, 2012
12/12
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a long-term debt and deficit problems, and these are the folks who have to fix it. how close are they? >> i think we're going over the cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> i will not play that game. >> further apart than ever. you've heard endless arguing about higher taxes on the rich. let's set that aside and talk about the sequester the budget wonk word for a thing that will touch every american. $1.2 trillion in automatic budget cuts over the next decade, 100 billion next year alone, half in defense and half in non-defense, defense programs cut by 9.4% across the board and non-defense programs 8.2%. agencies are being told to identify the cuts. how will you feel them? fewer food inspections are li
a long-term debt and deficit problems, and these are the folks who have to fix it. how close are they? >> i think we're going over the cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we...
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Dec 4, 2012
12/12
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we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy production of, how are we doing on diversifying different kinds of things that are running our transportation? >> so far, it is going slow. something that was deeply focused on was something note senator alexander said earlier. we need to find more and use less. i think you're asking about the use less part. the extension of the changing fuel efficiency standards was one thing, but we believe fervently in the need to diversify away from using petroleum for transportation and given that it represents 70% of our use of petroleum to begin with. with the change in technology and the access to so much homegrown
we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy...
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Dec 6, 2012
12/12
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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Dec 8, 2012
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everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing florida in the united states senate, and the privilege of addressing you today on behalf of my fellow republicans. our middle class has made america different from the rest of the world. every country has rich people. but only a few places have achieved a vibrant and stable middle class. and none has been more vibrant and more stable than ours. but now a growing opportunity gap has developed between the dreams of millions of americans and the opportunities for them to actually realize them. americans are struggling to find or keep middle class jobs for two reasons -- because our economy is not cre
everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing...
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Dec 8, 2012
12/12
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CNNW
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we go into 2013 with still a trillion dollar a deficit. the question i ask you two and president obama is what's act two? what do we do next? >> he lumped us all in together. david, you do agree with stephen an one thing. there is work to be done on curtailing inefficient spending? >> there always will be. that's shooting fish in a barrel. the best funded program we have is social security. we shouldn't talk about cutting it. health care. for every dollar the other three modern countries in the world spend per capita in comparable dollars, we spend $2.64. we still have 50 million people without insurance. if we could get france's health care system, widely regarded as the best in the world we could eliminate social security taxes or 80% of individual income taxes and have the same deficit. by the way, if you look at the federal budget numbers the federal budget deficit is coming way down. the economy is improving. higher taxes allow us to create jobs by investing in things that work it. if we replace foundations of granite with sand and th
we go into 2013 with still a trillion dollar a deficit. the question i ask you two and president obama is what's act two? what do we do next? >> he lumped us all in together. david, you do agree with stephen an one thing. there is work to be done on curtailing inefficient spending? >> there always will be. that's shooting fish in a barrel. the best funded program we have is social security. we shouldn't talk about cutting it. health care. for every dollar the other three modern...
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that shortages would come in since two thousand and nine it's become clear that those deficits going to be pushed back by several years not just because of the crisis you also need to consider the gazprom is pushing ahead with south stream which is also going to. bring in rival capacity set to lose out to south stream on the basis that it is far more the just could be logistically complex as. capital explains the lack of supply and the like uncertainty over what works what contrail will be the main source of that gas and also it requires money many more countries and transit transit countries so complex to political complexity is. dealing with deal with just one source of gas there's russian gas and one supplier which is gas from so in some way it's much more convenient to deal with one company. so does that actually mean that the champagne bottles will be popping for gas problem and south street i think it's extremely unlikely in fact i think they almost preferred it was going ahead or at least the sort of the the logical reasons for it to exist were still there in as much that it w
that shortages would come in since two thousand and nine it's become clear that those deficits going to be pushed back by several years not just because of the crisis you also need to consider the gazprom is pushing ahead with south stream which is also going to. bring in rival capacity set to lose out to south stream on the basis that it is far more the just could be logistically complex as. capital explains the lack of supply and the like uncertainty over what works what contrail will be the...
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Dec 7, 2012
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you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take? >> political will in a word. what is interesting about the jobs numbers and the economy in general is that it's not so much the fundamentals of the economy. businesses who hire people who create jobs which nancy pelosi is looking for are looking for political will out of washington. they are looking for certainty on the fiscal cliff. certainty that debt re
you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7%...
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Dec 10, 2012
12/12
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we run up a large deficit when we have a slump and run up medium-sized deficits in times of prosperity. the u.s. government is spending about $3.6 trillion this year. federal spending has gone up at roughly twice the rate of economic growth. interest payments are temporarily manageable. but interest rates are at historic lows and likely to go up. our current situation is in no way comparable to that of the '40's when the national debt grew to an amount nearly equal to annual gdp. once the war ended, spending went down and the u.s. proceeded to grow at a greater than 4% annual rate for 20 years. that took care of the deficit or the debt with the problem. today, everything points in the other direction. interest rates are likely to go up. demand for further spending will increase for reasons i will get to a minute. state and local governments rely on federal transfers to balance their books. the state of california spends money out of the general fund and get money in terms of federal transfers from various programs. they depend on that money. i won't get in to the whole question of the
we run up a large deficit when we have a slump and run up medium-sized deficits in times of prosperity. the u.s. government is spending about $3.6 trillion this year. federal spending has gone up at roughly twice the rate of economic growth. interest payments are temporarily manageable. but interest rates are at historic lows and likely to go up. our current situation is in no way comparable to that of the '40's when the national debt grew to an amount nearly equal to annual gdp. once the war...
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Dec 3, 2012
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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Dec 4, 2012
12/12
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or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti deduction, there are some reasons, fairly good reasons why you would want to think twice. you know, are you going to go after home mortgage deduction at a time when the housing industry is trying to get its feet? are you going to go after the exemption on taxation for health insurance? i mean, that's the biggest one, actually. that's like $250 billion a year. but i don't think anybody wants to dive back into that at this point. so, you know, how else are you going to do it? >> arianna, can i just say that -- and this is -- i guess i've been articu
or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti...
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Dec 7, 2012
12/12
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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Dec 9, 2012
12/12
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CNNW
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if you look at the deficit, high, much higher in the u.s. than in the euro zone for instance. if you look at debt, much higher than many countries in the euro zone, including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much its whole recorded history. so you have a very, very diverse landscape at the moment, but certainly one that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff, the fiscal deficit and the debt of the country, which are three topics that can be addressed now on the comprehensive and efficient fashion. >> in the fiscal cliff negotiation. so what should this mean? because i think i could interpret any given number to say, oh, that means we shouldn't touch taxes for the upper brackets because the economy still needs as much money as it can have in it. or i could argue, oh, this means that we need more stimulus to keep the jobs going, or i could look at the debt and say, oh, this means we need to cut spending. so what does it mean? so what would you,
if you look at the deficit, high, much higher in the u.s. than in the euro zone for instance. if you look at debt, much higher than many countries in the euro zone, including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much its whole recorded history. so you have a very, very diverse landscape at the moment, but certainly one that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff,...
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altered the landscape quite radically before two thousand and eight it was presumed there would be a deficit of gas the demand would go up and the there would be shortages since two thousand and nine it's been clear that if that deficit is going to come it's being pushed back by several years you also need to consider that. faces a rival in south stream which is gas problems plan to bring gas from russia through to the southern corridor now this is actually progressed much further it's a much more sort of viable project. from in a sense capital explains why the book has been beset by problems. lack of supply and the like uncertainty over what i want to contrail will be the main source of that gas and also it requires money many more countries and transit trans. countries so complex to political complexity is in dealing with me and deal with just one source of gas that is russian gas and one supplier which is gas from seoul in some way it's much more convenient to deal with one company. so now because there's a victory for south stream and gas from them well i don't think they'll be popping t
altered the landscape quite radically before two thousand and eight it was presumed there would be a deficit of gas the demand would go up and the there would be shortages since two thousand and nine it's been clear that if that deficit is going to come it's being pushed back by several years you also need to consider that. faces a rival in south stream which is gas problems plan to bring gas from russia through to the southern corridor now this is actually progressed much further it's a much...
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Dec 2, 2012
12/12
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CNNW
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however, bearing in mind there are deficits that have to be covered. and there are spending that has to be reached. and in that environment, there is no other alternative but for higher taxes. do you think europeans like paying 40%, 50% taxes? but the alternative is not nearly so pleasant. i've just been to iceland, high taxes, high rate of living. and an economy that is actually recovering better than anywhere else from the financial crisis. so ali velshi, do taxes have to rise? yes, in the united states. >> i think we're agreed on this. richard, always my pleasure to see from you across the pond. richard quest. let's talk about where the taxes sometimes go. infrastructure, superstorm sandy caused overwhelming devastation and exposed dangerous flaws in u.s. infrastructure. coming up next, i'll tell you how investing in infrastructure will not only help get the power back on faster after the next storm but could be the key to jobs and the boom we've all been waiting for. you are watching "your money" on cnn. ♪ ♪ [ male announcer ] everyone deserves
however, bearing in mind there are deficits that have to be covered. and there are spending that has to be reached. and in that environment, there is no other alternative but for higher taxes. do you think europeans like paying 40%, 50% taxes? but the alternative is not nearly so pleasant. i've just been to iceland, high taxes, high rate of living. and an economy that is actually recovering better than anywhere else from the financial crisis. so ali velshi, do taxes have to rise? yes, in the...
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Dec 5, 2012
12/12
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we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our goal here, and i think simpson-bowles got it right. i feel strongly about that, that you get a much better tax policy if you reduce rates. on the vat tax, my theory, having served as governor and in the senate for a while, is all government moves left. the speed at which it moves to the left depends -- think of it as a train -- it depends on the engines on the train. the engines are revenue sources. at the federal level it is the capacity to borrow. if you put an engine of the value-added tax on any train, whether a state sales tax or a federal value-added tax, you will dramatically expand the size of the government
we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our...
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Dec 10, 2012
12/12
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we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. with
we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax...
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Dec 4, 2012
12/12
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so it calls for $2.2 trillion in deficit savings, this is over the next decade. including $800 billion from tax reforms. $600 billion from medicare reforms. and $600 billion in spending cuts. but the white house quickly said, no way, because the deal doesn't contain tax hikes for the wealthiest americans. brianna keilar live from washington this morning. and brianna, are we beyond political posturing to the point where we have reached a stalemate? >> there is a lot of posturing going on and there is an impasse, obviously. at this point you have the white house saying they're not going to discuss specifics on entitlement reform with house republicans until they capitulate on increasing the income tax rates for wealthy americans. so there is an impasse but there's a lot of posturing. the offer of the white house details of which came out last week, and now this counteroffer from house republicans out yesterday. so i think the policy prescriptions here are pretty clear on what has to be done, although both sides are very far apart. if you just listen to what's going
so it calls for $2.2 trillion in deficit savings, this is over the next decade. including $800 billion from tax reforms. $600 billion from medicare reforms. and $600 billion in spending cuts. but the white house quickly said, no way, because the deal doesn't contain tax hikes for the wealthiest americans. brianna keilar live from washington this morning. and brianna, are we beyond political posturing to the point where we have reached a stalemate? >> there is a lot of posturing going on...
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Dec 9, 2012
12/12
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chairman we have agreed the deficit is bad. but in my experience with congress is anything to go by, there will have to be a crisis to fix it. my question is, a you prepared to bring about the necessary crisis the year continued restrictive monetary policy? he could hardly believe his years. to avoid a political suicide, i will just say as a matter of general philosophical approach and feel very strongly it is not our job to artificially provoke a crisis. then they say mr. chairman i never intimated that was part of your thinking and he said iowa's cent absolutely sure about that. then hines says but maybe the inevitable consequence. paul volcker cannot law old ally -- tala lie and then in fact, it confirms the hidden agenda to maintain painfully high interest rates so monetary policy could go up. of final confirmation this after the bell was passed senator phil gramm called paul volcker to say now we have the budget under control kimmie have the easier monetary policy? he said we will see. that is a typical central banker resp
chairman we have agreed the deficit is bad. but in my experience with congress is anything to go by, there will have to be a crisis to fix it. my question is, a you prepared to bring about the necessary crisis the year continued restrictive monetary policy? he could hardly believe his years. to avoid a political suicide, i will just say as a matter of general philosophical approach and feel very strongly it is not our job to artificially provoke a crisis. then they say mr. chairman i never...
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Dec 9, 2012
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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Dec 6, 2012
12/12
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they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer to the first businessess that this are supposed to deduct all other expenses and that could include closing down a factory and opening up a factory overseas. it will include anything. so democrats have proposed a little change to the tax law which would prevent companies from being able to do that but it would raise that much money, unfortunately. i'm sorry about the other question about health insurance for lawmakers. host: thomas in winter park, florida. caller: good morning. thank you for taking my call. the current tax code is a desce
they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer...
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Dec 5, 2012
12/12
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we look at the federal deficits. greg of new hampshire talks about ways to make the health care reform more efficient. this is an hour of 10 minutes. >> if you don't chime in i will pick on you and bring you into the conversation. you have insights and perspectives that are unique and we would like to hear from you and hear some of the ideas on the table. maybe gene and senator portman will get some ideas from this group. again, we look forward to that. i work at bloomberg television. i've been covering these issues for most of my career. it seems like an a huge issue for our audience not only for the united states but also around the world. i'm going to end this thing on time at 12:30 today because the president is granting bloomberg an exclusive interview today. if you miss it, you can catch it at 8:00 tonight. an important time for our coverage as well. let me go around the table and give you a quick introduction to everyone. i have interviewed you at various times. first of all, pete on the end, long time senator
we look at the federal deficits. greg of new hampshire talks about ways to make the health care reform more efficient. this is an hour of 10 minutes. >> if you don't chime in i will pick on you and bring you into the conversation. you have insights and perspectives that are unique and we would like to hear from you and hear some of the ideas on the table. maybe gene and senator portman will get some ideas from this group. again, we look forward to that. i work at bloomberg television....
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Dec 7, 2012
12/12
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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european union is still is a fact that it was kind of to arise when a certain democracy is democratic deficits which means. to have a domestic process for the future i don't really think there is going to be a conflict or does want to be unethical but what i really thing is that i find a result the paradoxical final result of this wave or of this period of economic crisis could be the strengthening of the nation state and i think it will be a step backward and not a state for worse ok a lot of people say the solution for europe's problems is more europe ok but a lot of people on the ground are saying enough europe how do you square the circle well you need leadership of course the anxiety tells you i go back to the place where i feel comfortable the comfort zone is the nation state so far of course you have to ensure that there is a solution with more europe and not even more trouble i strongly believe in an economic crisis if america lentil on the end. of the names of the leaders are say we need to more coordinated these things people would agree and you make policy by policy you see that nor
european union is still is a fact that it was kind of to arise when a certain democracy is democratic deficits which means. to have a domestic process for the future i don't really think there is going to be a conflict or does want to be unethical but what i really thing is that i find a result the paradoxical final result of this wave or of this period of economic crisis could be the strengthening of the nation state and i think it will be a step backward and not a state for worse ok a lot of...
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Dec 7, 2012
12/12
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but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have the revenue to combine with the savings and spending cuts to reduce the deficits to create jobs, grow the economy, and improve the lives of americans. [indiscernible] we want to protect the middle class. it is not about the rates. it is about the money. it is about being a fugitive to the high end. it is about giving money to reduce the deficit, perot the economy, and unleash the power. it depends on how much money you can get and say, they will pay less. the middle class will pay more. >> 37% would bring in reckless and revenues? >> i do not know that. -- 37% would
but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have...
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Dec 8, 2012
12/12
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deficit-reduction. what does reduce the deficit is jobs. job creation. what we need are the revenues, and that is what you have to ask the question about. why are we not hear to pass additional tax cuts which increases the high-end contribution to the budget talks? why are we not here to pass a middle-income tax cuts? what are we not even here to debate the middle-income tax cut? can it meet because the republicans are holding this as they have all along hostage to tax cuts for the wealthy? as long as they will not touch one hair on the head or get one red cent of their rich, to reduce the deficit, to create jobs, to grow the economy, to improve the lives of the american people -- >> the speaker was asking about middle ground. do you necessarily rule it out? is it your understanding that that is something he would accept? >> what we want to do is protect the middle class. is not above the rate. it is about the money. the objection to extending it is about being punitive to the high end. it is about getting money to reduce the deficit, to grow the economy
deficit-reduction. what does reduce the deficit is jobs. job creation. what we need are the revenues, and that is what you have to ask the question about. why are we not hear to pass additional tax cuts which increases the high-end contribution to the budget talks? why are we not here to pass a middle-income tax cuts? what are we not even here to debate the middle-income tax cut? can it meet because the republicans are holding this as they have all along hostage to tax cuts for the wealthy? as...